Iran oil min: Trump approach to OPEC members insulting

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Jul 7, 2018

Tehran, Iranian Minister of Petroleum Bijan Zanganeh said US President Donald Trump's approach to certain OPEC members is insulting.

'Certain political gestures and instabilities cause concern in the oil market and lead t price hike; instances of which being the insulting order of the US president to certain OPEC members which is insult to national sovereignty of the independent states being members of the organization,' Zangeneh said.

Trump had sometimes ago tweeted, Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil and disfunction in Iran and Venezuela, I am asking Saudi Arabia to increase oil production, maybe up to 2,000,000 barrels, to make up the difference ... Prices too high! He has agreed!

Trump wrote in another twitter that the OPEC monopoly had taken no action to lower the oil output and ordered them, 'Reduce pricing now!'

Zangeneh said Trump's policies and tweets to force certain OPEC members and increase production had encouraged global price hike.

'That Trump orders independent states to raise production on the ground of protecting you and guaranteeing your security at the low price receiving from you is not right.'

Zangeneh said OPEC is in principle based on oil market not getting politicized and no political agent interfering in the market so that supply and demand will decide final oil price.

'A trade is underway and in the meantime, we go on with our jobs and up to so far, no major change has yet been observed in Iran oil production and crude sale.'

To a question on future horizon of Iran oil exports and world oil market, he said, 'We should wait and see what a change will come about in the coming months and to what direction will the market head for; But I stress that Ministry of Petroleum and government confront the US actions and do their best to preserve their market.'

On the EU package on oil proposal to maintain JCPOA nuclear accord, he said, 'I have not seen the proposal yet, but the foreign ministry colleagues have seen it and apparently, they have not been satisfied with the detained so much.'

'We expect the EU to fulfill its responsibility to safeguard the JCPOA.'

Commenting on President Hassan Rouhani's stance on Iran oil exports, Zangeneh said the president's speech and comment was totally clear and transparent.

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